Land Contracts best negotiated from buyers perspective

[Mark W.]

Hi Everyone

I am looking to make an investment into a 6 unit apartment, it's been on the market for over a year the seller wants to sell it to me land contract. The problem is I'm not really sure what I should be concerned about more so concerning the drafting of the contract. It was on the market at 131k and it didn't sell, in fact the owner has made at least 4 different attempts to sell this property going as low 89k in the last 2 years or better. Now I am not sure if the seller wanted cash for these listings or not but he is now asking for 190k. Under these terms: Market value 260k

Purchase price - $190,000- Down payment on LC - $38,000

- Interest – 7%. Interest can be 5% with a $60,000 down payment.

- 10 year term, 30 year amortization

- Monthly payment of $1,011.26

- Seller listed on insurance policy as additional insured

- Buyer to provide proof of paid tax bills (cancelled check) within 2 weeks of bills being due

- Sellers attorney to review offer, draft land contract

- Bankers Title to hold deed until paid off

- Bankers Title to handle Sellers title 

 I would like for someone, anyone to tell me why or why not this is a bad idea total gross monthly about $3800?

I'd appreciate any negotiation suggestions Thanks in advance